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Ministry of the People’s Power for Energy and Petroleum informs about the production cut

Caracas.- The Ministry of the People’s Power for Energy and Petroleum of Venezuela informs to the Country about the execution of the 189,000 barrels per day of oil production cut, decided at the 151st (Extraordinary) Meeting of the OPEC Conference, held on December, 2008, on Algeria, and a valid compromise from January 1st of current year.

Production cut was made in 2009 as follows:

PDVSA already informed to its Partners and clients involved, about the unrestricted fulfillment of this measure, ordered by the Ministry so that they can take the pertinent previsions, particularly to the refineries Chalmette and Sweeney, located in Louisiana and Texas, because it will be impossible supply them with the same oil volume that usually we delivered.

This production cut of 189,000 b/d, effective from the January 1st, 2009, adds to the reductions of 46,000 b/d and 129,000 b/d, implemented by PDVSA, according to the OPEC decisions, determined during the meetings of September and October of 2008, for a total general reduction of 364,000 b/d, that place the current Venezuelan production on 3 millions 11 thousand  barrels per day of oil.

With these decisions Venezuela reaffirms its compromise and strict respect to the OPEC resolutions, on defense of the world oil market stability and a fair price to our natural resources.